Slavery's Capitalism: A New History of American Economic Development

Slavery's Capitalism: A New History of American Economic Development

Synopsis

During the nineteenth century, the United States entered the ranks of the world's most advanced and dynamic economies. At the same time, the nation sustained an expansive and brutal system of human bondage. This was no mere coincidence. Slavery's Capitalism argues for slavery's centrality to the emergence of American capitalism in the decades between the Revolution and the Civil War. According to editors Sven Beckert and Seth Rockman, the issue is not whether slavery itself was or was not capitalist but, rather, the impossibility of understanding the nation's spectacular pattern of economic development without situating slavery front and center. American capitalism--renowned for its celebration of market competition, private property, and the self-made man--has its origins in an American slavery predicated on the abhorrent notion that human beings could be legally owned and compelled to work under force of violence.

Drawing on the expertise of sixteen scholars who are at the forefront of rewriting the history of American economic development, Slavery's Capitalism identifies slavery as the primary force driving key innovations in entrepreneurship, finance, accounting, management, and political economy that are too often attributed to the so-called free market. Approaching the study of slavery as the originating catalyst for the Industrial Revolution and modern capitalism casts new light on American credit markets, practices of offshore investment, and understandings of human capital. Rather than seeing slavery as outside the institutional structures of capitalism, the essayists recover slavery's importance to the American economic past and prompt enduring questions about the relationship of market freedom to human freedom.

Excerpt

Sven Beckert and Seth Rockman

During the eighty years between the American Revolution and the Civil War, slavery was indispensable to the economic development of the United States. Such a claim is at once self-evidently true and empirically obscure. a scholarly revolution over the past two decades, which brought mainstream historical accounts into line with long-standing positions in Africana and Black Studies, has recognized slavery as the foundational American institution, organizing the nation’s politics, legal structures, and cultural practices with remarkable power to determine the life chances of those moving through society as black or white. An outpouring of scholarship on nineteenth-century public health, criminal justice, foreign policy, popular culture, and patterns of everyday life leaves little doubt that the new United States was a “slaveholding republic.” in comparison, only a small segment of recent scholarship has grappled with the economic impact of slavery. Only in the past several years has scholarship on finance, accounting, management, and technology allowed us to understand American economic development as “slavery’s capitalism.” and only now is there enough momentum to leverage some basic facts—that slave-grown cotton was the most valuable export made in America, that the capital stored in slaves exceeded the combined value of all the nation’s railroads and factories, that foreign investment underwrote the expansion of plantation lands in Louisiana and Mississippi, that the highest concentration of steam power in the United States was to be found along the Mississippi rather . . .